These tips on how landlords can maintain a strong property manager relationship will help keep your rental business running smoothly.
Property managers and landlords work closely to ensure that rental properties are well-maintained and tenants’ needs are taken care of quickly. To protect the landlord’s investment and provide housing that attracts quality tenants, it’s critical for property managers and landlords to maintain a professional and positive working relationship. This relationship must be built on trust and a clear understanding of each party's responsibilities. Keep reading to learn how landlords can build a positive property manager relationship.
For rental property management to be truly effective, both parties need to put in the effort. The landlord needs to be responsive to their property manager’s requests, and the property manager needs to keep the landlord updated on what’s happening at their property.
It's always worth putting in this extra effort because having a solid relationship leads to increased tenant satisfaction and creates a positive day-to-day experience for everyone involved. Here are a few simple characteristics of a mutually successful landlord-property manager relationship.
Trust and transparency are among the key tenets of creating a positive landlord and property manager relationship. Landlords trusting a property manager with their investment need to be kept informed, and property managers need autonomy to do the required work. Open communication builds trust and supports a smooth working relationship.
At the start of a landlord-property manager relationship, clarify roles and responsibilities for both parties. Hash out expectations and discuss processes for key activities such as rent collection, maintenance, expense reimbursement, and any other relevant tasks.
Be up front about any additional expectations so nothing slips through the cracks. Setting standards and best practices from the start will ensure a productive working relationship, streamline the work, and help reduce conflict.
In any landlord-property manager relationship, there will be occasional disagreements or unforeseen emergencies. But it's crucial that both parties feel confident they can solve disputes and handle these types of situations in a way that doesn’t jeopardize the relationship.
Both parties should have a solid understanding of local real estate laws and know how to mediate issues before they escalate. With a cooperative approach, landlords and property managers can quickly and amicably agree on how to solve any issue that arises.
Fostering a great partnership with your property manager doesn’t have to be a herculean task. Follow these tips to set your property manager and yourself up for success.
Entrusting a property manager with an investment requires the landlord to relinquish some control. This means being open-minded to how the property manager may approach issues, which can be different from the landlord's perspective. By spelling out who is responsible for respective tasks, duties, and operations from the get-go, you’ll give your property manager autonomy and it will be easier to manage expectations and avoid misunderstandings.
Make sure there is a consistent line of communication between landlord and property manager, such as a regular check-in call or a weekly email update about the status of all properties and tenants. This will ensure that the property manager knows what the landlord wants and expects, and that the landlord is kept in the loop on what’s happening with their investment. Pick a go-to method that works best for both parties and make sure to document all key conversations.
As a landlord, it’s important to be prepared for the unexpected. Think through common urgent issues, such as major plumbing issues, a tenant getting locked out of the house, or more dangerous situations like a wildfire near your rental property. Determine how your property manager will communicate with tenants, put together a list of emergency services, and make sure you have an evacuation policy and rent loss insurance in case your property becomes uninhabitable. Be sure to also define what constitutes an emergency and have documented plans in place on how to manage relevant scenarios.
Property management tools have many benefits for property managers and landlords alike. Whether landlords are managing a large portfolio or just starting out as a real estate investor, a reliable software platform can make everyone’s job easier and keep relationships with property managers and tenants on track.
Azibo’s platform was designed for landlords and includes tools for rent collection, tenant screening, insurance, banking, financial reporting, and more. Simply put, property management tools streamline tasks, keep landlords and property managers organized, and improve transparency.
The business relationship forged between property managers and landlords is critical to the success of any rental property. With the right tools, landlords can build a strong foundation to manage their property manager relationships. Through an easy-to-understand graphical interface, Azibo’s offers shared visibility and accountability between landlords and property managers. With Azibo, you can create portfolios of properties to share with property managers and view your entire portfolio in one place. And, it’s free for property managers and landlords, providing core services at no cost.
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This article and the Azibo Blog in general is intended for informational and educational purposes only. It is not investment, tax, financial planning, legal, or real estate advice. Please consult your own experts for advice in these areas. Azibo provides information believed to be accurate, but Azibo makes no representations or warranties about the accuracy or completeness of the information contained on this article or blog.